Asian Shares Plummet On Inflation, Recession Concerns

RTTNews | 64 일 전
Asian Shares Plummet On Inflation, Recession Concerns

(RTTNews) - Asian stocks plummeted on Monday as a global sell-off deepened and investors fled to the relatively safe-haven assets such as bonds, the Japanese yen and the Swiss Franc on signs that the Trump's administration is unlikely to soften its sweeping tariff regime.

Profit taking wiped some shine off bullion while oil prices hit a four-year low on demand concerns, with Saudi Arabia slashing its flagship crude price by the most in more than two years.

China's Shanghai Composite index slumped 7.34 percent to 3,096.58 due to panic selling as fears of a global trade war mounted following Beijing's retaliation against Trump's sweeping tariffs.

China slammed U.S. tariffs as 'economic bullying' that is 'inconsistent with international trade rules' and urged the U.S. to resolve trade differences through consultation in an equal, respectful and mutually beneficial manner.

Meanwhile, People's Daily, the flagship newspaper of the Communist Party, said in a front-page commentary published today that the government has room to ease borrowing costs and reserve rules for lenders if needed to defend its economy against the tariffs.

Hong Kong's Hang Seng index plummeted 13.22 percent to 19,828.30, with financials and technology stocks taking a beating.

Japanese markets fell sharply as Trump reiterated his resolve on tariffs and indicated he wasn't concerned about the massive selloffs.

The Nikkei average plunged 7.83 percent to 31,136.58 while the broader Topix index settled 7.79 percent lower at 2,288.66.

Banks were among the hardest hit, with Mizuho Financial Group and Mitsubishi UFJ Financial Group both falling over 10 percent on global growth concerns.

Seoul stocks nosedived, with the Kospi average ending down 5.57 percent at 2,328.20 to extend losses for a fourth day running.

Australian markets fell the most in more than a year, with banks and miners leading the rout. Australian Treasurer Jim Chalmers said spiraling trade tensions had "crushed confidence in markets".

"When confidence craters, markets crash and that's what we've seen as a result of the U.S. administration's self-defeating tariffs policy," he said.

The benchmark S&P/ASX 200 slumped 4.23 percent to 7,343.30 while the broader All Ordinaries index closed 4.12 percent lower at 7,524.30.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index fell 3.68 percent to 11,775.88.

U.S. stock market turmoil deepened on Friday as China hit back at tariffs announced by President Donald Trump, raising the likelihood of an extended trade war that could cut into corporate profits and stall economic growth.

Federal Reserve Chair Jerome Powell said in remarks at a business journalist conference that it is becoming clear that the tariff increases will be significantly larger than expected and the same is likely to be true of the economic effects, which will include higher inflation and slower growth.

He, however indicated the central bank will wait for greater clarity before considering any adjustments to interest rates.

The S&P 500 plummeted 6 percent, capping the worst week for the U.S. stock market since the early days of the Covid pandemic in March 2020 and reaching an 11-month closing low.

The tech-heavy Nasdaq Composite plunged 5.8 percent to enter a bear market. The Dow tumbled 5.5 percent, putting its two-day decline at nearly 4,000 points.

read more
Japanese Market Modestly Higher

Japanese Market Modestly Higher

The Japanese stock market is trading modestly higher on Wednesday, extending the gains in the previous three sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 38,300 level, with gains across most sectors led by index heavyweights and technology stocks. Financial stocks are a weak spot.
RTTNews | 29 분 전
Indonesia Shares May Open To The Upside

Indonesia Shares May Open To The Upside

The Indonesia stock market has moved higher in three straight sessions, gathering almost 190 points or 2.7 percent along the way. The Jakarta Composite Index now rests just above the 7,230-point plateau and it's looking at a firm lead again for Wednesday's trade.
RTTNews | 33 분 전
Higher Open Expected For Hong Kong Shares

Higher Open Expected For Hong Kong Shares

The Hong Kong stock market has moved lower in two of three trading days since the end of the three-day winning streak in which it had rallied almost 750 points or 3.5 percent. The Hang Seng Index now sits just above the 24,160-point plateau and it's likely to remain rangebound on Wednesday.
RTTNews | 48 분 전
Australian Market Notably Higher

Australian Market Notably Higher

Australian shares are trading notably higher on Wednesday, extending the gains in the previous session, with the benchmark S&P/ASX 200 moving well above the 8,600 level, following the broadly positive cues from Wall Street overnight, with gains across most sectors led by energy and technology stocks.
RTTNews | 52 분 전
Taiwan Shares Tipped To Open In The Green On Wednesday

Taiwan Shares Tipped To Open In The Green On Wednesday

The Taiwan stock market has moved higher in back-to-back sessions, accelerating more than 580 points or 2.6 percent along the way. The Taiwan Stock Exchange now sits just above the 22,240-point plateau and it has a positive lead again for Wednesday's trade.
RTTNews | 1 시간 33 분 전
Singapore Shares May Reverse Tuesday's Losses

Singapore Shares May Reverse Tuesday's Losses

The Singapore stock market on Tuesday halted the five-day winning streak in which it had collected more than 40 points or 1 percent. The Straits Times Index now sits just beneath the 3,935-point plateau although it may bounce higher again on Wednesday.
RTTNews | 2 시간 3 분 전
Malaysia Bourse Likely To Remain Rangebound

Malaysia Bourse Likely To Remain Rangebound

The Malaysia stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had gained almost 15 points or 1 percent. The Kuala Lumpur Composite Index now sits just above the 1,515-point plateau and it's expected to remain in that neighborhood again on Tuesday.
RTTNews | 2 시간 33 분 전